New Delhi: Realty firm Omaxe Ltd on Sunday reported 55% decline in its consolidated net profit at Rs12.98 crore for the fourth quarter of 2016-17. Its net profit stood at Rs29.03 crore in the year-ago period, the Delhi-based developer said in a statement. Income from operations rose by 20% to Rs451.92 crore for the quarter ended March from Rs376.11 crore in the corresponding period of the 2015-16 fiscal.

During the full 2016-17 fiscal, the company’s net profit went up by 32% to Rs101.9 crore from Rs77.09 crore in the previous year. Total income from operations stood at Rs1,626.75 crore in the 2016-17 fiscal, up 17% from Rs1,385.73 crore during financial year 2015-16.

Omaxe Chairman and Managing Director Rohtas Goel said the real estate sector is “slowly witnessing steady recovery in the aftermath of demonetisation and as has been the case for some time now, tier II and III cities continue to outperform metros."

Since, Omaxe major thrust areas are tier II and III cities, the company has been performing better than the industry, he added. During the financial year 2016-17, Omaxe booked 3.20 million sq.ft of space valued at Rs946 crore and delivered 5 million sq.ft at various locations.